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Consumer Default Specialist I
Position Summary
The Consumer Default Specialist I performs a variety of administrative and legal duties related to foreclosure, bankruptcy, repossession, litigation recovery, and loss mitigation process. The Consumer Default Specialist I interacts with borrowers, legal counsel, and other bank officials to find solutions that maximize the recovery of adversely- graded and non-performing loans.
Essential Duties and Responsibilities
If Foreclosure duties are assigned:
- Process foreclosure actions for consumer portfolio from cradle to grave.
- Generate and review for accuracy all legal documents and notices associated with foreclosures
- Consult with the bank’s legal counsel to determine proper foreclosure solutions that are cost effective for the bank.
- Prepare bidding instructions for foreclosure sales
- Prepare and generate reinstatement and payoff figures along with processing receipt of funds
- Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system.
- Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.
- Performs other duties and responsibilities as assigned.
If Bankruptcy Duties are assigned:
- Process bankruptcy actions for consumer portfolio from cradle to grave.
- Prepare, generate, and review for accuracy all legal documents and notices associated with bankruptcy process.
- Processes and documents all bankruptcy checks received by trustee
- Prepare and generate reinstatement and payoff figures along with processing receipt of funds
- Consult with the bank’s legal counsel to determine proper bankruptcy solutions that are cost effective for the bank.
- Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system.
- Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.
- Performs other duties and responsibilities as assigned.
If Repossession duties are assigned:
- Process repossession/replevin actions for consumer portfolio from cradle to grave.
- Generate and review for accuracy all legal documents and notices associated with repossessions/replevins.
- Consult with the bank’s legal counsel to determine proper repossession/replevin solutions that are cost effective for the bank.
- Prepare bidding/floor instructions for auction.
- Prepare and generate reinstatement and payoff figures along with processing receipt of funds from auction and borrowers.
- Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system.
- Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.
- Performs other duties and responsibilities as assigned.
If Litigation Recovery duties are assigned:
- Process judgement/garnishment actions for consumer portfolio from cradle to grave.
- Generate and review for accuracy all legal documents and notices associated with judgements/garnishments.
- Consult with the bank’s legal counsel to determine proper judgment/garnishment solutions that are cost effective for the bank.
- Prepare payment arrangements/settlement agreements for borrower’s pending a judgment/garnishment
- Prepare and generate reinstatement and payoff figures along with processing receipt of funds from borrowers.
- Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system.
- Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.
- Performs other duties and responsibilities as assigned.
If Loss Mitigation duties are assigned:
- Process loss mitigation process for consumer portfolio from cradle to grave
- Prepare, generate, and review for accuracy all loss mitigation letters sent to the borrowers during the loss mitigation process
- Process and document all loss mitigation application documents received by the borrower
- Communicate with customers, real estate agents, and other authorized third parties on the loss mitigation options that Simmons offers and how to apply for them
- Serve as a liaison between all areas of default to ensure dual tracking is avoided
- Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system
- Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training
- Performs other duties and responsibilities as assigned.
If Repayment plan duties are assigned:
- Process repayment plans for consumer portfolio from cradle to grave.
- Prepare, generate, and review for accuracy all repayment plan letters sent to the borrowers
- Processes and documents payments received by the borrowers
- Ensure that all communications with borrowers and authorized third parties are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system.
- Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.
- Performs other duties and responsibilities as assigned.
If Successor in Interest duties are assigned:
- Identify and determine successor in interest qualifications
- Process and review accounts for potential estate claims
- Prepare, generate, and review for accuracy all correspondence sent to the borrower’s heirs/estate
- Ensure that all credit actions and communications with borrowers, bank counsel approvals, and documentation are appropriately documented on the bank’s core collection system and scanned and indexed to the bank’s imaging system
- Ensure all departmental documents and activities are performed in compliance with applicable laws, regulations, policies and procedures as applicable to this position, including completion of required compliance training.
- Performs other duties and responsibilities as assigned.
Qualifications
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required.
Skills
o Ability to read and comprehend simple instructions, short correspondence and memorandums.
o Ability to read and interpret documents such as procedure manuals, general business correspondence and/or journals or governmental regulations.
o Ability to read, analyze and interpret financial reports and/or legal documents.
o Ability to write routine reports and business correspondence.
o Ability to respond in writing to customer complaints, regulatory agencies or members of the business community.
o Ability to effectively present information in one-on-one and small group situations, to customers, clients and other employees in the organization.
Education and/or Experience
o BS/BA Degree in Business, Finance, or a related field is required, or
o Four to six years of work-related, on-the-job training, and/or vocational training.
⋅ Computer Skills
o MS Office programs
Certificates, Licenses, Registrations
o None.
Other Qualifications (including physical requirements)
o Strong time management, oral, written, and presentation skills.
Equal Employment Opportunity Information: Simmons First National Corporation and its subsidiaries are committed to a policy of equal employment with respect to a person's race, color, religion, sex, ancestry, sexual orientation, gender identity, national origin, covered veterans, military status, physical or mental disability or any other legally protected classifications.
Skills Required
- BS/BA in Business, Finance, or related field OR four to six years of relevant work/on-the-job/vocational training
- Proficiency with MS Office programs
- Ability to read, interpret, and analyze financial reports, legal documents, procedure manuals, and governmental regulations
- Ability to generate, review, and prepare legal documents and notices associated with foreclosure, bankruptcy, repossession, judgments/garnishments, and loss mitigation
- Experience documenting actions in core collection systems and scanning/indexing to an imaging system
- Ability to write routine reports, business correspondence, and respond in writing to customer complaints and regulatory agencies
- Strong time management, oral, written, and presentation skills
- Ability to consult and coordinate with bank legal counsel and other bank officials
- Completion of required compliance training and adherence to applicable laws, regulations, policies and procedures
Simmons Bank Compensation & Benefits Highlights
The following summarizes recurring compensation and benefits themes identified from responses generated by popular LLMs to common candidate questions about Simmons Bank and has not been reviewed or approved by Simmons Bank.
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Healthcare Strength — Medical, dental and vision coverage are paired with an HSA that includes company funding. Dedicated care options and access to no‑cost services for covered members strengthen day‑to‑day healthcare support.
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Retirement Support — A 401(k) with employer match is complemented by an employee stock purchase plan and profit‑sharing eligibility. Occasional discretionary company contributions further boost long‑term savings potential.
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Leave & Time Off Breadth — A combined PTO bank and up to ten paid company holidays provide structured time away. Paid leave programs support coverage for key life events.
Simmons Bank Insights
What We Do
We were founded as a community bank. More than 100 years later, we still act like one. For over a century, we’ve worked hard to help make our customers’ dreams come true – dreams like buying a home, starting a business or simply having the ability to manage your money safely and securely, anywhere you happen to be. Simmons Bank has 200 locations and employs 2,800 associates across our six-state footprint
